Philippine garment exporters hope to hit $1.5 bn in revenues in 2023

21 Feb '23

1 min read

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Philippine garment exporters hope to achieve $1.5 billion in revenues this year as the United States is shifting its preference for orders away from China and competitor Myanmar has lost market due to political issues. Though this year’s projection is almost flat compared to 2022 figures, the Philippine Exporters Confederation Inc (PHILEXPORT) foresees the industry gaining headway.

As countries like Vietnam and China, which have machines with robotics and automation, often reject smaller-volume orders, the Philippines stands to gain from such orders, the trade body said.

The ongoing US campaign of ‘anything but China’ tends to spread production among countries in the Association of Southeast Asian Nations (ASEAN), including Philippines, PHILEXPORT was quoted as saying by a newspaper report in the country.

The country needs to shift to other forms of energy like solar, wind, etc. to lower electricity cost, Robert Young, PHILEXPORT trustee for textile, yarn and fabric sector, said, adding that power costs comprise 5 to 10 per cent of a firm’s total production costs depending on the product and industrial semi-automation is a need now.

Fibre2Fashion News Desk (DS)

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